Explanatory variables

Direct effect

Indirect effect

Total effect

Ifi

0.0002844**

(0.015)

−0.0001352

(0.467)

0.0001491**

(0.048)

lnpgdp

−0.04827***

(0.000)

0.1051319***

(0.000)

0.0566617*

(0.057)

open

0.0255763**

(0.013)

−0.0228471

(0.392)

0.484234

(0.125)

lngov

0.000735

(0.957)

0.0266526

(0.486)

0.0273876

(0.488)